AGSIST DAILY · ISSUE #186 — ARCHIVE
↔ Mixed
Monday, September 14, 2026
● Sponsor this slot →

CRUDE BACK AT $102; BEANS CRACK, CORN FIRMS

!Overnight Surprises: Soybeans (nearby) DN 1.8% / Feeder Cattle UP 1.6% / Corn (nearby) UP 1.6% / Lean Hogs DN 2.0%
THE ACTION

New-crop beans at $12.95: a settle at or below $12.85 is the sell signal the Sep 12 brief flagged. Do not wait for $12.70.

Saudi East-West pipeline offline + Brent at $108 this morning handed corn a tailwind and charged beans a toll: WTI settled $102.38, November beans cracked to $12.95, and the corn-bean spread is the widest it has been since the August WASDE. Input costs just got repriced for fall fieldwork.

Corn$5.17
Soybeans$12.95
Wheat$7.11
THE NUMBER
single digits
commodity vessels transiting Hormuz this weekend
Hormuz traffic fell to single digits Saturday and Sunday. That is not a blip; it is a shut strait in practice, and crude is pricing it.
DAILY QUOTE

“We can never have enough of nature.”

Henry David Thoreau
CORN FIRMS; BEANS CRACKMEDIUM CONVICTION
  • Nearby corn added to $5.17 while November beans fell to $12.95, a split that started with the WASDE last Friday and widened today as a Fed rate-hike story hit the oilseed complex hard.
Corn and beans are telling two different stories; the WASDE is the dividing line.
CRUDE RUNS; FED HIKE LOOMSHIGH CONVICTION
  • WTI settled at $102.38 after Brent hit $108 this morning; the Saudi East-West pipeline shutdown, the latest chapter in the Iran-Hormuz cycle ongoing since July, pulled Hormuz vessel traffic to single digits this weekend.
Crude is a harvest-cost story right now, not just a geopolitical headline.
CATTLE FIRMS; HOGS SLIPMEDIUM CONVICTION
  • Feeders ran to $337.82, up 1.6%, tracking the corn ease; cash cattle held $218-$223 across regions with live cattle adding 0.8% to $219.68.
  • Hogs gave back 2.0% to $81.53 with no fresh news driving it; looks like fund liquidation on a quiet cash week.
Cattle is the one corner of the board acting like it has a floor.
TODAY'S WATCH LIST
  • Today, 3:00 PM CTUSDA Crop Progress: corn harvest above 10% keeps harvest pace normal; below 5% adds weather-delay premium.
  • This weekFed rate decision: a 25-bps hike is 90% priced; a surprise hold would lift beans off $12.95 fast.
  • DailySaudi pipeline and Hormuz vessel counts: single-digit transits sustained above three days reprices diesel for fall fieldwork.
OUTSIDE THE PITNews not moving prices today but in the calculus.
TRADE
Oman Calls for LNG Routes That Bypass Hormuz
Oman's Energy Minister at Gastech said the Middle East must build LNG export routes around the strait.
Written by Sigurd Lindquist, founder. Reply at sig@farmers1st.com — I read everything.
$Your local elevator bids →
Know a farmer who’d want this?
Forward this briefing. Or new here? Subscribe in one tap.
Subscribe →
Share
CME locked price table; oilprice.com (Saudi pipeline, Hormuz traffic, Fed rate odds); beefmagazine.com (cattle/feeder news); farmdocdaily.illinois.edu (corn feed cost); AGSIST standing situations block. · Auto-compiled at 6:02 AM CT
Today's Briefing →
Browse All Briefings →